Bank Nifty spot opened at 22840.40 and made a high of 22859.15 , it made a low of 22578 before closing at 22671.70
Had mentioned that long positions can be taken above 22877 and short positions can be taken below 22760. Bank Nifty triggered our short trade for the day and nearly completed all our short targets giving around 150 points .
Now for this week Bank Nifty needs to break and sustain above 22708 for long confirmation, then we can expect a move till 22875 - 22948 levels initially and closing above 22993 we can expect the next move till 23145 - 23311 . Similarly Bank Nifty needs to break and sustain below 22502 for short confirmation then we can expect a move till 22335 levels initially and closing below 22262 we can expect a further move till 22065 - 21900. Bank Nifty had confirmed our weekly longs in the previous week and given nearly 250+ . Had mentioned in the previous post that " Now further upmove can be expected on breaking and sustaining above 22993 spot " , Bank Nifty had made a high of 22977.85 last week and had achieved our expected targets of 22875 - 22948 on holding 22625 - 22525 zone . Further upmove for this series can be expected on Bank Nifty sustaining / closing above 22985 .
For today if Bank Nifty spot sustains above 22735 we can see a initial move till 22800 & on sustaining above 22820 we may see further move till 22940 . Similarly if Bank Nifty spot sustains below 22609 we may see a initial move on the downside till 22545 & on sustaining below 22525 we may see further move till 22405
Bank Nifty Spot Levels for the day are
Long above 22735 for 22775 – 22820 – 22940 , SL 22652
Short below 22609 for 22570 – 22525 – 22405 , SL 22691
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.